Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (5) TMI 283 - AT - Income TaxDisallowance - Interest reset premium and burning loss - Deffered or capital expenditure - The re-structuring is of a liability and it has not in any way affected the fixed assets of the assessee - the said expenditure incurred or fee paid to the banks/financial institutions for restructuring of the interest, accrued interest and the borrowed capital for the benefits of the assessee is not a capital expenditure and the same is an allowable expenditure as the spent for the purposes of the business of the assessee - if the impugned expenditure constitutes 'interest' within the meaning of section 2(28A) of the Act, the same attracts the provisions of section 43B as argued by the Ld counsel and claim has to be allowed in accordance with the provisions of section 43B of the Act - Decided in the favour of the assessee by way of remand Regarding burning loss - Held that: the claim of melting loss in excess of 8.50% is not allowed by the Tribunal in those appeals - in the other AYs of this assessee, the burning loss upto the upper limit of 8.5% should be allowed - Appeal is dismissed
|